Winterthur - Turicode has closed its first financing round and raised a total of 2.2 million Swiss francs. The experts in document processing based on Machine Learning and Deep Learning successfully gained BackBone Ventures, SeedX and the Swiss Startup Group as investors, among others.

 

seeding round

Turicode has secured a total of 2.2 million Swiss francs in fresh capital after successfully closing a seed financing round. According to a press release, the technology start-up from Winterthur in the Greater Zurich Area will be newly supported by investors such as the Swiss Startup Group (SSUG), SeedX, BackBone Ventures, Gentian Investments in addition to “experienced Business Angels”.

The MINT.extract software developed by Turicode helps companies and their employees to digitalize document-intensive business processes. According to the press release, by leveraging the benefits of Machine Learning and Deep Learning, the software is able to read and also understand documents such as PDFs, scans and emails to the same level as a human.

Martin Keller, co-founder and CEO of Turicode, comments in the press release: “We received great interest from investors and are excited to welcome a strong mix of institutional investors, industry experts and companies, who will join us in our mission to transform documentation into added value”. Originally founded back in 2016, the team has now grown to comprise 20 employees and a broad customer portfolio has been built up. The funds received are to be “put towards international expansion plans as well as further product development and customer success”.

With its innovative “high-performance and adaptive business app”, Turicode offers “a unique, comprehensive solution for companies operating in various industries, including the financial sector, real estate, logistics and public institutions”, comments Beat Steiner, CEO of ajila, in the press release.

Steiner is to join the Board of Directors of Turicode, as will Guillaume Waser, General Partner of the SSUG Flagship Fund 1. “We have been following Turicode for some time and are impressed by the founding team, the consistently positive customer feedback and the ongoing growth path”, Waser comments in the press release, before surmising that: “Turicode solves a real problem in a global and growing market”.

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